MONEY & BANKING


Financial institutions ANZ, Deutsche Bank and Citigroup will be prosecuted on criminal cartel charges, Australia's consumer watchdog announced on Friday.   The allegations concern arrangements for the sale of A$2.5 billion ($1.9 billion) worth of ANZ shares in 2015, the BBC...

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Taponeel Mukherjee (IANS) 31 May 2018
The decision by the Reserve Bank of India (RBI) to grant banks the option to spread provisioning equally over up to four quarters for mark-to-market (MTM) losses on investments is one that merits discussion.   These investments are those held in Available for Sale (AFS) and Held for...

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The unions in the banking sector are squarely blaming the Indian Banks' Association (IBA) for forcing them to resort to a strike that entered the second and last day on Thursday.   "It is the IBA which has put the banking public to trouble and not the unions. The unions had given...

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Canara Bank on Wednesday said it closed last year with a net loss of Rs 4,222.24 crore on a total income of Rs 48,194.94 crore.   In a regulatory filing in BSE, Canara Bank said last fiscal, it had posted a net loss of Rs 4,222.24 crore as against a net profit of Rs 1,121.92 crore...

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The current crisis in the Indian banking sector has led to calls for privatisation of public sector banks (PSB). However, the private sector is no paragon of great virtue. Moreover, the faithful advocates of privatization are ill-informed of the real issues. The huge crowds that throng PSBs...

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Moneylife Digital Team 29 May 2018
While the Reserve Bank of India (RBI) has launched a SMS and advertisement campaign to promote no-frills accounts, it seems completely unaware of the harassment meted out to these customers by banks — either in the form of conversion to standard accounts or freezing their accounts after four...

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Moneylife Digital Team 28 May 2018
About 10 lakh officers and employees from government and private banks will go on a 48-hour strike starting on 30 May 2018, following failure of talks between the bank unions and government.   The strike proposed by United Forum of Bank Unions (UFBU), an umbrella body of nine union in...

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Private lender ICICI Bank on Friday said that Securities and Exchange Board of India (SEBI) has sought responses from the company and its MD and CEO Chanda Kochhar on alleged non-compliance of the "erstwhile 'Listing Agreement' and the 'Listing Obligations and Disclosure Requirements)...

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A Jharkhand-based gang that cheated many persons across the country by obtaining their ATM card details and one-time passwords has been busted in Delhi with the arrest of four men, police said on Friday.   The Delhi Police Cyber Cell busted the online racket and also seized two...

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The Enforcement Directorate (ED) on Thursday filed a charge-sheet against fugitive diamond merchant Nirav Modi and 23 others, including his father, sister and brother-in-law, in the over Rs 13,400 crore Punjab National Bank (PNB) scam.   The fraud was committed during 2011-2017 by...

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Moneylife Digital Team 23 May 2018
Gross non-performing assets of banks in India continue to rise. As many as 26 banks, including State Bank of India (SBI), which have announced financial results, reported a peak NPA ratio of 10.14% in March 2018, says a research report. UCO Bank has the highest gross NPA ratio of 24.64%,...

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The CBI on Monday filed a charge sheet against Rotomac Global company in a Rs 456.63 crore alleged loan default to the Bank of Baroda, accusing its promoters Vikram Kothari and his son of criminal conspiracy, cheating and fraud, officials said.   The Central Bureau of Investigation...

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Piyush Goyal, a former nominated director on Bank of Baroda (BoB) and State Bank of India (SBI), probably understands that the dangerous drift caused by the scams and losses at public sector banks (PSBs) which, compounded by actions of the past four years, could snowball into a serious...

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The Enforcement Directorate (ED) has issued summons to absconding diamantaire Nirav Modi's father Deepak Modi, sister Purvi Mehta and her husband Mayank Mehta as part of its probe in the multi-crore Punjab National Bank (PNB) fraud, an official said here on Friday.   The fraud was...

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The ED on Thursday seized over 34,000 pieces of jewellery valued at Rs 85 crore in connection with its ongoing probe against absconding businessman Mehul Choksi who is accused along with his diamantaire nephew Nirav Modi of defrauding the Punjab National Bank (PNB) of over Rs 1,300 crore, an...

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Reserve Bank of India (RBI) on Thursday modified some of its "terms and conditions" for setting up of IFSC (International Financial Services Centres) Banking Units (IBUs), said a notification from the central bank.   The modifications are based on the suggestions the RBI has received...

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Moneylife Digital Team 17 May 2018
In a hard hitting statement, All India Bank Officers' Confederation (AIBOC), the largest officers' organization with a membership of around 3.50 lakh officers has questioned the Reserve Bank of India’s (RBI) decision to restrict Dena Bank from fresh credit exposure and staff recruitment under...

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Securities market regulator Securities and Exchange Board of India (SEBI) has warned state-owned Punjab National Bank (PNB) over the delay in regulatory disclosures to stock exchanges with regard to the Nirav Modi fraud case.   According to a BSE filing on Thursday, PNB said that it...

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Putting the blame squarely on the top officials of the Punjab National Bank (PNB), the Central Bureau of Investigation (CBI) filed a second chargesheet in the Rs 7,080.86 crore fraud case against absconding diamantaire Mehul Choksi, his Gitanjali Group of companies and senior past and present...

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The Income Tax (I-T) Department in Mumbai has quizzed Videocon Group Chairman-cum-Managing Director Venugopal Dhoot in connection with its ongoing investigations into the ICICI Bank-Videocon loan case, official sources said here.   Dhoot was responding to summons issued by the I-T...

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